Chile invests billions in renewables

Mainstream Renewable Power has won seven contracts worth USD $1.65 billion from the Chilean Government to build and operate seven utility-scale wind energy plants.

The National Energy Commission of Chile has commissioned the company to provide nearly 1GW of additional wind capacity, as part of tender process which was seven times oversubscribed: 84 companies submitted 85,000 gigawatt hours (GWh) of bids for just over 12,000 GWh of available power

Mainstream’s Chief Executive Eddie O’Connor said: “We look forward to developing these projects to the highest standard to deliver competitive priced energy into the Chilean system from 2021.

“In our young life as a company we have developed and won contracts for projects in the North Sea, Chile, South Africa, Egypt, Senegal, Ghana and the US. Our success is based on a set of values which marry entrepreneurial spirit with respect for local custom. Around the world, renewable energy is winning on price and on delivery. We continue to find innovative ways to fund our projects as we add to our exciting emerging markets project pipeline – just like the recently announced $117.5 million equity funding for our African platform, which included investors such as the IFC and the Rockefeller Brothers Fund.”